Leasys, the joint venture equally owned by Stellantis and Crédit Agricole Personal Finance & Mobility, has closed 2024 with a robust financial performance, marked by significant growth and strategic consolidation.
The company activated 243,000 new contracts, reflecting an 87% year-on-year increase, fuelled by a full consolidation of activities between Leasys and F2M Lease that began in April 2023. This surge was particularly strong in the light commercial vehicle segment, where contract intake tripled compared to 2023. Electrified vehicle contracts also saw an impressive 50% rise year-over-year, underlining Leasys’ commitment to sustainable mobility. The company’s penetration in Stellantis’ sales grew by nine points in the B2B channel and by 21 points in the long-term rental segment.
The corporate customer fleet expanded to 131,000 vehicles, marking a 32% increase from the previous year, contributing to a 4% growth in the total managed fleet, which now stands at 906,000 vehicles. Leasys is steadily moving towards its target of managing one million vehicles by 2026. Additionally, total earning assets rose to €10.2 billion, a 36% increase from 2023, with average outstanding assets reaching €8.6 billion.
Leasys’ financial performance remained solid, with the margin on leasing growing by 28% to €230 million and the margin on services increasing by 46% to €93 million. Despite the market normalisation affecting used vehicle sales, the company posted strong remarketing results, achieving €65 million in this segment. Gross operating margin (Net Banking Income) stood at €388 million, reflecting a 12% year-over-year growth.
The company maintained strong cost control, with operating expenses reaching €168 million but decreasing in proportion to assets, standing at 1.94% of average outstanding assets, down by seven basis points from 2023. Leasys sustained its fiscal discipline, with a cost-to-income ratio of 51% and an adjusted net income of €112 million, both in line with last year’s performance. The cost of risk remained under control at approximately 0.4% of average outstanding assets.
Reflecting on the results, Leasys CEO Rolando D’Arco stated, “2024 has been a year marked by consolidation and growth.
“Following the integration with Free2Move Lease and the acquisitions in Portugal and Luxembourg in 2023, this was Leasys’ first full year in its present setup. Its resilience and flexibility in adapting to a fluid market scenario, combined with a strong commitment to innovation, digitalisation, and sustainability, allowed Leasys to close the year with very strong commercial and financial results. Managed fleet reached 906,000 vehicles, and earning assets exceeded €10.2 billion. In 2025, Leasys will continue implementing strategies designed to enhance its customer experience while further strengthening its position as a leader in long-term rental and sustainable mobility.”
Key achievements in 2024
Leasys made significant strides in enhancing customer experience and quality, with a 13% increase in its Net Promoter Score (NPS). The company upgraded its customer experience monitoring systems, ensuring comprehensive oversight of pre-sale, sale, and after-sale phases throughout the contract lifecycle.
The company also diversified and optimised its funding sources. Backed by Crédit Agricole, Leasys renewed and extended bank lines by €2.3 billion and expanded its Euro Medium Term Notes Programme from €5 billion to €8 billion. This facilitated three successful public bond offerings, raising €2.7 billion through debt capital markets, signalling strong confidence from financial stakeholders.
Digitalisation was another key focus area for Leasys in 2024. The company introduced the Leasys e-Store, an e-commerce platform for low-emission vehicle rental offerings, launched in Italy, the UK, and the Netherlands, with plans to expand to Spain. Additionally, the My-Leasys platform was relaunched with enhanced real-time fleet management and driver-focused services. Initiatives such as digital signatures and document dematerialisation furthered the company’s sustainability goals, moving towards a paperless operational model.
Sustainable mobility remained a cornerstone of Leasys’ strategy. The company introduced e-Move, a long-term rental solution for electric vehicles, and RE-USE, a re-rental program for used electric and plug-in hybrid cars. These initiatives align with Leasys’ mission to reduce CO2 emissions and promote circular economy principles.
